Specialist insurance broker for the vapour and CBD industries UKVCI has partnered with leading consultancy firm, Arcus Compliance, to strengthen standards and service across the industry.
UK: February 2021 – UK Vape and CBD Insurance (UKVCI) has joined forces with established compliance experts, Arcus Compliance, to bolster its insurance offering to its clients. UKVCI specialises in brokering tailored insurance packages for businesses in the vape and CBD industries, ensuring that technical knowledge is adequately reflected in the policy wording and packages provided to such companies.
This insurance includes effective risk management, as well as liability insurance, ensuring that clients are fully covered for their business needs – offering complete peace of mind as well as clear value for money.
A significant aspect of the necessary cover is product liability insurance. One of the requirements for obtaining effective product liability cover means the business must provide evidence of attaining a robust standard of compliance. UKVCI has praised Arcus Compliance’s proven methodology of its compliance health check tool, to ensure vaping and CBD clients can be quickly and accurately assessed, instead of taking out a policy that doesn’t meet their needs.
In turn, businesses which are compliance checked will also benefit from the opportunity to work with Arcus Compliance to improve their processes. This proactive approach to compliance is set to support businesses seeking insurance cover, while also raising standards across the entire vapour industry – which is under increased scrutiny and regulatory pressure.
Both UKVCI and Arcus Compliance are members of the UK Vaping Industry Association (UKVIA) an organisation held in high esteem across the industry, as well as amongst wider government stakeholders and policy makers. Director General, John Dunne, is also a non-executive Director at Arcus Compliance, providing expert consultative advice and ensuring synergy between the pre-eminent voices of the UK vaping industry.
Commenting on the news, Dan Lishman, UKVCI Managing Director said: ‘Over the past few years vaping has seen negative press, mainly coming from the US, which has had a profound effect on insurance premiums in the UK. We’ve all heard horror stories of clients paying thousands of pounds for insurance that, when they needed it most, didn’t cover the circumstances for the claim, due to complex and obscure technicalities.
‘We formed UKVCI to help bridge the increasing gap between the vaping and CBD industries, and the insurance market, by way of educating insurers on the associated risks for such businesses. Arcus are the foremost authority on vapour compliance, which combined with comprehensive knowledge of the specific UK legislation, enables us to negotiate more accurate and competitive premiums for our clients through this partnership.’
Lee Bryan, Arcus Compliance Managing Director added: ‘Arcus Compliance’s unrivalled global expertise and knowledge of the regulatory requirements mean we are ideally placed to support UKVCI clients to achieve and demonstrate due diligence and full compliance.
‘This not only means they are able to take out the right insurance cover, it also ensures that their business is fully compliant and more sustainable, without the risk of penalties for any regulatory breaches. Taking compliance seriously means a more profitable and sustainable business, and our sole purpose through a suite of services, tools and product stewardship is to help clients achieve this.’